1997 (7) TMI 70

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....assessee, a minor, has filed this petition under section 26(3) of the Gift-tax Act, 1958, for issuance of a mandamus directing the Income-tax Appellate Tribunal, Amritsar Bench, Amritsar, to refer the following six questions of law to this court, along with the statement of the case, for its opinion : "1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was rig....

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.... 1983? 5. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in not allowing any deduction or discount from the value of gifted shares as determined by the Gift-tax Officer on account of : (a) restrictions on transfer of shares ; (b) non-marketability of shares. 6. Whether, on the facts and in the circumstances of the case, the gifted sh....

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....assets of the company which, according to him, gave the value per share at the rate of Rs. 5,898. He, accordingly, held that the total value of the shares transferred should have been Rs. 7,37,250 as against the consideration of Rs. 3,75,000 declared and, therefore, the difference between the two amounting to Rs. 3,62,250 was taken as deemed gift and assessed. An appeal carried by the assessee was....